Well secured, freehold, department store investment
<strong>83</strong>/<strong>85</strong>/<strong>87</strong> HIGH STREET, WATFORD Local Economy & Demographics Watford is a major regional centre with a local authority population of circa 90,700 (mid-2011 ONS estimate) but draws on an extensive wider primary catchment of 596,000 persons (PROMIS) which reaches into Hertfordshire and Buckinghamshire to the north-west and Rickmansworth, Ruislip, Borehamwood and Elstree to the south-east. The town is particularly affluent and contains a significant over-representation of the AB and C1 social groupings. As a result the per capita retail spending levels are materially <strong>high</strong>er than the national average (CACI). The town also boasts an impressive employment base and skilled labour force. In addition to Watford Borough Council and Watford NHS a number of major national companies have either UK headquarter or major regional offices located in the borough including Hilton Worldwide, JD Wetherspoon, Camelot Group (National Lottery), Iveco, Bathstore, TK Maxx, Costco, Total Oil, Sanyo, Beko, Mothercare, Majestic Wine and Brighthouse. Retailing in Watford Watford is one of the premier regional retailing centres in the UK and has a shopping population of 349,000 which ranks the venue 19th nationally by this measure. The town’s retailing core extends from John Lewis within the Harlequin Centre, through Charter Place Shopping Centre and along the High Street and Market Place through to The Parade to the north of the town centre. The Harlequin Shopping Centre dominates Watford’s retail provision and the prime pitch extends within the scheme stretching from John Lewis to Next on the upper mall and from John Lewis to HMV on the lower mall, including <strong>BHS</strong>’ frontages on both levels. The Harlequin Centre opened in 1992 and provides approximately 725,000 sq ft arranged within 147 stores over two shopping levels and enjoys a 16 million annual footfall with an average shopping dwell time of 113 minutes. The centre provides car parking for approximately 2,000 cars, while the adjoining Council owned, Charter Place Shopping Centre anchored by Wilkinsons, Topshop and Argos provides a 1,000 multi storey car park. Watford boasts a <strong>high</strong> concentration of major UK multiples including a full range John Lewis department store, Marks & Spencer, H&M, Primark, Zara, <strong>BHS</strong>, Next, River Island and Gap. Charter Place Re-Development Watford Borough Council (WBC) announced in June 2012 that in partnership with Intu Properties plc (formerly Capital Shopping Centres) a re-development of its 1970’s Charter Place Shopping Centre is to be undertaken. Intu’s £80 million project will focus upon enhancing Watford’s overall retail, entertainment and leisure offer, and will include a cinema, restaurants, family entertainment, new retail brands and a food store and will ultimately be incorporated in the Harlequin Centre. A planning application will be submitted shortly. Intu Properties plc is the long leaseholder of The Harlequin Centre, which it developed in the early 1990’s and will be granted a similar 999-year lease by the Council for the Charter Place re-development. More information is available on request. Situation The property occupies a substantial site within the prime section of both the High Street and the Harlequin Centre (upper and lower malls) adjoining Marks & Spencer with extensive frontages onto both. Nearby national retail occupiers include Next, HSBC, Phones 4U, Lush, Pandora, Wilkinson’s, Top Shop/Top Man and 99p Stores. Description The property was developed in the early 1960’s (prior to the Harlequin Centre) and comprises a large prominent terraced building of traditional brick construction under flat roofs, arranged over ground, basement and three upper floors. The ground and first floors are used for retail trading with direct access onto both lower and upper mall levels of the Harlequin Centre and the High Street. The adjoining retail unit fronting onto Charter Place is also occupied by <strong>BHS</strong> and links directly into the subject property. <strong>BHS</strong> trade a full range of merchandise and have concessions to Miss Selfridge, Dorothy Perkins, Wallis, Evans and Burton within the store. The remainder of the accommodation is ancillary storage and staff. The building is serviced from the High Street via Red Lion Yard. Accommodation Address Floor Use sq ft m 2 Comments <strong>83</strong>/<strong>85</strong> High Street Gd Retail 25,350 2,355.0 At the last rent review the effective GIA was agreed 1st Retail 22,880 2,125.6 between the parties adjusted to accord with a Deed dated 06/01/1998 2nd Anc. 7,<strong>87</strong>6 731.7 3rd Anc. 2,516 233.7 B Anc. 2,006 186.4 Sub-Total 60,628 5,632.4 <strong>87</strong> High Street Gd Retail 2,091 194.3 This unit is now integrated within the Bhs store (Coffee ITZA - 968 - Shop) but was originally separate and is reviewed accordingly 1st Anc. 2,147 199.5 2nd Anc. 1,280 118.9 Sub-Total 5,518 512.7
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